IBKR Compliance

[liroyb]

IBKR opened my account after requiring only bank statement from the account I'm intending to fund the account. No source of wealth/origin of funds check. Is that common? or further check is going to come later on?

 

[JohnnyDoe]

It's ok, as you can only send to/receive from an account of yours they are not supposed to perform all these checks.

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[JackAlabama]

liroyb said:
IBKR opened my account after requiring only bank statement from the account I'm intending to fund the account. No source of wealth/origin of funds check. Is that common? or further check is going to come later on?
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you still indicated how much you have.
Eventually they will ask you later which they do often. Just make sure it matches. So dont indicate total wealth 100k and then deposit 1M.

 

[cryptofriendly]

JackAlabama said:
you still indicated how much you have.
Eventually they will ask you later which they do often. Just make sure it matches. So dont indicate total wealth 100k and then deposit 1M.
Click to expand...

Really? So if I tell them I got 10M, and just deposit 1Ms from accounts in my name (and if I remember correctly, one could even deposit crypto at some point), they won't ask any SOF/SOW questions?

Sorry for the stupid questions, I haven't used IB since the COVID crash, but it might be of use in the future, one never knows. Loved their low margin interest rates (and they were actually the very reason my account got decimated during the crash).

 

[apres777]

cryptofriendly said:
Really? So if I tell them I got 10M, and just deposit 1Ms from accounts in my name (and if I remember correctly, one could even deposit crypto at some point), they won't ask any SOF/SOW questions?

Sorry for the stupid questions, I haven't used IB since the COVID crash, but it might be of use in the future, one never knows. Loved their low margin interest rates (and they were actually the very reason my account got decimated during the crash).
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I mean it's not THAT simple there always can be questions regarding SOF.

Generally speaking though IBKR has been also a great experience for me since years, and never bothered me with pointless request.

 

[JackAlabama]

cryptofriendly said:
Really? So if I tell them I got 10M, and just deposit 1Ms from accounts in my name (and if I remember correctly, one could even deposit crypto at some point), they won't ask any SOF/SOW questions?
Click to expand...

if you have paper for 10M then yes.